Dáil Éireann díospóireacht -
Tuesday, 30 Sep 2003

Vol. 571 No. 1

Written Answers. - Economic Growth.

Conor Lenihan

Ceist:

354 Mr. C. Lenihan asked the Minister for Finance if he will make a statement on the state of the economy; his views on whether an upturn is now steadily under way in the United States; and the implications of such a recovery for the economy. [19965/03]

Minister for Finance (Mr. McCreevy)

At budget time last year GDP and GNP growth in 2003 were forecast to be 3.5% and 2.2%, respectively. These forecasts were revised to 1.5% for both GDP and GNP in the Economic Review and Outlook, which was published in August.

The budget day forecasts were predicated on a mid-2003 pick up in the international economy, which has been delayed. At this stage there are some signs that a recovery in the international economy may be developing, particularly in the US. I am confident that if we focus on our com petitiveness, Ireland will be well placed to take advantage of the global recovery as it takes hold.